JV Buys CVS-Anchored California Retail Asset
The new owners are planning to reposition the partially built asset in the Coachella Valley as a mixed-use property.
Jefferson Square. Image courtesy of Beacon Realty Advisors
A partnership of Beacon Realty Advisors and Carolina Capital Real Estate Partners has purchased Jefferson Square, a partially built, CVS-pharmacy-anchored retail property in Coachella Valley, for $6.1 million, according to public records. The joint venture acquired the asset from its original developer, Regency Centers and plans to reposition it as a mixed-use property.
The new ownership will first pursue a grocery, home improvement or medical tenant for the 14,000 square-foot, vacant building already on site, said Omar Hussein, founder & principal of Beacon, in prepared remarks. Multifamily, senior housing and medical offices are being considered for further expansion, added Hussein.
Located a 44025–44155 Jefferson St. in La Quinta, Calif., at the junction of Fred Waring Drive and Jefferson Street, the 10-acre site is divided into seven separate parcels. Currently comprising three buildings, only half of the land is developed, with infrastructure already completed.
Earlier this year, a joint venture led by Regency received $26.7 million in refinancing for a Class A shopping center in Boulder, Colo. The recently renovated property offers just under 160,000 square feet.
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